Q1 profit for Thai

By TESTCustomwebLP TESTCustomwebLP
May 15, 2015 13:53

Thai Airways International has reversed a THB2.63 billion loss reported a first-quarter of 2014 to post a net profit of THB4.54 billion. Revenue rose 20.3% to THB61.3 billion, with revenue from transportation activities up by 2.9% to THB48.4 billion year-over-year.

Total expenses rose 10.7% to THB59 billion due to impairment costs – if these are stripped out, Thai expenses declined by 11.6%.

During the first quarter of 2015, Thai launched its transformation plan with the first stage designed to stop the bleeding by discontinuing these routes: Bangkok-Johannesburg since mid-January, Bangkok-Moscow, and Phuket-Seoul in summer 2015. Adjustment in aircraft type was made to suit market demand and a fleet renewal program was implemented with the decommissioning of 11 aircraft. Thai sold two retired aircraft while taking delivery of two new aircraft, resulting in a total of 93 aircraft in the fleet as of March 31, 2015. The average age of fleet was down from 8.3 years to 7.6 years, the airline said.